In Order to Purchase a Home, a Family Borrows $60,000

question 158

Multiple Choice

In order to purchase a home, a family borrows $60,000 at an annual interest rate of 11%, to be paid back over a 30 year period in equal monthly payments. Find the total amount paid to the finance company for the life of the
Loan. Round your answer the nearest dollar.

• A) $198,000
• B) $199,461
• C) $201,934
• D) $205,702

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Definitions:

Negligence Claims

Legal claims filed as a result of a failure to exercise a degree of care that, under the circumstances, the law requires for the protection of other persons or those interests of other persons that may be adversely affected by a lack of such care.